Former Société Générale trader Jerome Kerviel, whose greed knew no bounds, has been fined $7 billion and sentenced to three years imprison.
The Gordon Gecko of France, Kerviel insisted his bosses knew what he was going and approved it until he began losing money during the economic crash.
They testified against him during his trial, Le Monde reported. Unlike the vast majority of traders and others around the world who went scott free after bringing the world's economy to a grinding halt, Kerviel was Ă©pingler.
The 33-year-old's sentence, which his lawyer said he would appeal, was pathetically short compared to the 20 years the fictional character played by Michael Douglas was ordered to serve. Of course Gecko got out after eight for good behavior.
"Kerviel knowingly went beyond his remit as a trader," president judge Dominque Pauthe told the court. He was convicted of forgery, introducing false data in a computer systems, and breach of trust.
The lawyer for Société Générale said Kerviel continued to reassure his bosses that all was well even after the losses began mountain. He committed nearly $70 million of the banks funds.
The bank itself was fined $5 billion.
Kerviel began working at the bank in 2000, and was only caught in 2008. He has compared his risky trading with an orgasm. In the dark recesses of the mind that brings a vision of a New Yorker cartoon that went something like this: As a man is dressing, on the edge of the bed, he tells his female partner something like, "of course I ejaculated prematurely. I am a busy man."
Once Kerviel is free will he return to his old ways, or become a fraud avenger like Michael Douglas in the second movie, Wall Street: Money Never Sleeps? Only time will tell.
It may be worth noting the fact that the original movie was based on actions 20 years ago suggests avarice isn't new for financial services companies.